- Hyperliquid’s RWA perpetuals hit a record $3.6 billion in open interest, overtaking Bitcoin and other major markets.
- Total platform open interest climbed to nearly $11 billion, driven largely by HIP-3 builder-deployed markets including equities and pre-IPO assets like SpaceX.
- Despite the surge, HYPE token sentiment remains bearish with ETF outflows, though the token is up 156% year-to-date.
Hyperliquid’s real-world asset perpetuals have overtaken Bitcoin as the exchange’s largest trading market, with open interest hitting a record $3.6 billion on Monday as total platform open interest climbed to nearly $11 billion. According to data from Blockworks and Hyperliquid’s futures activity dashboard, RWAs now represent the largest segment of Hyperliquid’s open interest book, surpassing Bitcoin, HYPE, and other Layer-1 tokens.
The growth has been fueled by HIP-3, Hyperliquid’s builder-deployed market framework, which accounts for roughly $4 billion in open interest across equities, commodities, and synthetic pre-IPO markets. A significant portion includes more than $250 million tied to SpaceX ahead of its expected public listing.
A report from Talos found Hyperliquid’s total open interest surpassing $10 billion for the first time since October 2025 in June, making it the third-largest venue in perpetual futures. Talos attributed much of the expansion to HIP-3 builder-deployed markets.
However, the surge in open interest has not translated into gains for Hyperliquid’s native token. HYPE‘s price was down more than 2% over the past 24 hours, with retail sentiment remaining “extremely bearish.”
According to SoSoValue data, US HYPE spot ETFs recorded a net outflow of $5.73 million on Friday, pulling cumulative net assets down to $350.65 million. Despite the pullback, HYPE remains up roughly 156% year-to-date.
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